Food became cheaper in the world by 20% during the year

Analysts of the Food and Agricultural Organization of the United Nations reported that according to the results of March 2023, the average value of the food price index was 126.9 points, which is 2.8 points (2.1%) lower than the February indicator, and for 12 months, that have passed since March 2022, the value of the index fell by 32.8 points (by 20.5%).

!The main factor determining the decline of the index in March was the fall in the prices of grains, vegetable oils and dairy products, while the prices of sugar and meat rose," the experts noted.

"The decrease in the index in March reflects the drop in world prices for almost all major grains. Wheat prices fell the most, by 7.1%, which was caused by significant global grain stocks and fierce competition between exporters. The continuation of the Black Sea Grain Initiative, which allowed Ukraine to continue export supplies from Black Sea ports, also contributed to the decrease in prices. An additional factor determining the prospects of deliveries to world markets was the increase in production forecasts in Australia, as well as the improvement of the condition of crops in the EU. Downward pressure on market prices was also a factor of fierce competition from the Russian Federation, where large volumes of supply continued to contribute to the formation of competitive prices," analysts explain.